While some internal accountants have successfully claimed the Employee Retention Credit without external help, we highly recommend seeking guidance from a professional ERC advisor. This is because the ERC credit is taken on your payroll returns, rather than your business income tax returns, which is typically handled by most CPAs.
Attempting to claim the ERC without expert assistance can be a risky endeavor for your business. Even payroll tax professionals and CPAs often find this specialized tax credit challenging to navigate. Consequently, many eligible businesses fail to take advantage of this credit. There is a significant possibility that your company’s finance department may miscalculate the credit amount. Overclaiming the refund can lead to tax penalties and legal scrutiny, while underclaiming means you leave money on the table that you were legally entitled to.
To ensure accurate calculations and a smooth ERC claims process, we strongly advise consulting an experienced ERC tax advisor. They can help determine if your company qualifies for the credit and guide you through the entire process.
- Internal Revenue Service (IRS)
- The CARES Act
- National Federation of Independent Business (NFIB)
- Employee Retention Tax Credit: What You Need to Know
U.S. Department of the Treasury
- What Is The Employee Retention Credit (ERC), And How Does The Program Work?